Daily Energy Report
EU refined product imports at record high, Turkey gas hub, US gasoline exports, Equinor’s Brazil gas project, US nuclear and AI, JKM LNG options trading, CA sues Exxon, and more.
Chart of the Day: European Imports of Refined Products are at a Record High!
Bloomberg: Europe’s Refinery Cutbacks Show a Fading Industry
Summary
Figure (1) shows trends in Europe’s imports of petroleum products as reported by the tracking firm Kpler. It shows that imports of refined products have been increasing markedly in recent years until it reached a record high this year.
European refiners are facing a downturn due to falling margins, increased fuel imports, and competition from newer, more efficient refineries in other regions. Companies like BP and Petroineos are scaling back, and with declining fuel demand and regulatory pressure, more closures or repurposing of refineries are expected.